It’s great to celebrate business success but some businesses will finish the financial year with...
Live The Life You Imagined
Most people dream about starting their own business long before they actually do. Once you begin, reality quickly takes hold and you find yourself doing lots of tasks outside your area of expertise – often in the belief it is saving you money.
Bookkeeping is one of those tasks.
Cloud accounting packages are designed for business owners who want to do their own bookkeeping. But you need to know accounting fundamentals to do a good job. You also need the time to do it.
As your business grows, there is less time to devote to managing your books so you spend your evenings and weekends doing your accounts.
Needless to say, DIY bookkeeping often leads to:
- Late lodgement of BAS with ATO penalties incurred
- Incorrect coding of your Accounts resulting in higher year end accounting fees because your accountant needs to correct your mistakes
- No idea about the true financial health of your business
- Decision-making based on guesswork rather than actual results